What is RC verification?
A document known as an RC serves as proof that a vehicle has been registered with the neighbourhood road authority (Registration Certificate). RC verification is the procedure used to confirm an RC’s validity and authenticity.
The buyer can specify if the car has been registered with the authorities with the aid of RC verification. It also discloses any debts or obligations associated with the vehicle. By knowing this information, you may be sure that the consumer is not purchasing into any financial or legal problems with the automobile.
How is Vehicle RC verification done?
- Application submission: The initial step is to submit a form for RC verification. This may be done in person at the neighbourhood government office or online using a variety of platforms like IDcentral.
- Verification: The information and accompanying papers are checked by the authorities after the application form has been submitted. To confirm the person’s address, they could also conduct an on-site examination of their home.
- Approval: The authorities will approve the RC verification process and issue a certificate of residency as the third stage if the supplied information and papers are correct and comprehensive.
- Issuance: Normally, the RC certificate can be picked up in person or mailed to the applicant within a few days following approval.
What are the Documents required for Vehicle RC Verification?
Identification documents include a passport, an Aadhar card, a driver’s licence, a PAN card, etc.
Utility bills, rental agreements, bank statements, etc. are examples of proof of residency.
It is important to verify with the local authorities for particular requirements as the criteria for the RC verification procedure may differ according on the nation and state.
How does VAHAN enable RC verification?
The Ministry of Road Transport and Highways (MoRTH) in India uses a central electronic database programme called VAHAN (Vehicle Registration and Authentication). For the RC verification process, it enables real-time access to data regarding Indian registered automobiles.
All car-related information, including the owner’s identification, the brand and model of the vehicle, the engine number, and the RC, is intended to be stored in VAHAN. It provides a secure platform for verifying the authenticity of RCs.
Vehicle RC verification for BFSI industry
In the banking, financial services, and insurance (BFSI) sector, RC verification is essential. In the BFSI sector, RC verification’s primary objective is to stop illicit financial activity. The following procedures are used by the BFSI sector for RC verification:
The customer’s address is specified using web data and publicly accessible information. You may accomplish this by checking the electoral roll, Google Maps, and other official websites.
In order to confirm the legitimacy of the address, a verification agent is dispatched to the customer’s residence. For high-value transactions or clients who don’t have an internet presence, it is done.
Analytics of Data
Any anomalies in the information provided by the consumer are found using data analytics. The customer’s transaction history, location, and other factors that may point to fraudulent activity can be examined throughout this procedure.
Benefits and drawbacks
The following are some of the primary advantages of RC verification:
- RC verification helps to increase security and lowers the danger of fraudulent activities like money laundering and identity theft.
Compliance with regulations: In order to stop financial crimes, several regulatory agencies, like the Reserve Bank of India (RBI), need
- RC verification. Financial institutions may comply with these rules and keep penalties at bay by completing RC verification.
- Better customer experience: As the verification procedure verifies a client’s address and identity, it makes sure that consumers are receiving their services and goods more swiftly and effectively.
- Further advantages: Other advantages include enhanced data quality, heightened trust, and better risk management.
These are a few negatives:
- Restricted validity: RCs can be a headache for the owner of the vehicle because they must be renewed after a set period of time.
- Legal requirements: Failure to renew or properly maintain an RC, which is a legal instrument, may result in penalties and fines.
- Lack of information: If the data supplied in the RC is out-of-date or incomplete, it may cause issues in the event of an accident or a disagreement.
Vehicle RC Verification API
Vehicle RC Verification API aids in creating a connection between the car and its owner, reducing the likelihood of fraud.
Your onboarding process may be easy, quick, and secure when combined with IDcentral’s OCR and Dcoument Verification API since will take care of both digitisation and verification.